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CNBC
Feb 10, 2010 4:00pm EST
with thousands of flights grounded as we speak. >>> fed chairman, ben bernanke laying the groundwork on the central bank's exit strategy for the economic rescue efforts. we've got details of what mr. bernanke said today coming up. >>> but first here's a look at how we finished the day on wall street. the dow jones industrial average under water today. down 21 points on the dow at 10038. under a billion shares traded here on the nyse, as people stayed home, instead of embracing the heavy travel and heavy snow. s&p 500 down 2.5%. quarter of a percent lower at 106 and the nasdaq composite gave up three points and technology one of the winners on the session as was financial services. we get all of the action right now from bertha coombs our floor on the nyse. >> reporter: hey, maria, all things considered it's not a very bad day on the close, even though we closed to the downside. the real factors that kept people hessittant today, the snow of course. that kept volumes lower, but also the uncertainty about where we're headed with greece. this morning, as you take a look at the intraday
CNBC
Feb 24, 2010 4:00pm EST
the toyota hearing that we've been watching here on cnbc. federal reserve chairman ben bernanke also telling congress today that interest rates are likely to remain low for an extended period of time to support the economic recovery. that's what really set the tone for stocks today and saw a rally in the market by 91 reports. cnbc's reporter steve liesman has more. >> reporter: fed chairman ben bernanke said those magical words that markets wanted to hear today, that the fed would stay exceptionally low for an extended period. he said that before but market his their doubts after fed hiked discount rate last week and the treasury, then, revived a program that helps the fed train liquidity. that is ultimate lie a program that could make financial conditions tougher. bernanke attempted to be crystal-clear on fed policy. >> the fomc continues to anticipate that economic condition conditions including low rates or resource utilization subdued in inflation trends and stabile expectations are likely to warrant exceptionally low levels of the federal funds rate for an extended period. >> reporter:
CNBC
Feb 25, 2010 4:00pm EST
. >>> meanwhile, federal reserve chairman ben bernanke on the hill today as well, responding to a news article that goldman sachs and other major investment banks were shorting the very greek debt that they were helping the country issue. senior economics reporter steve liesman now with that story. >> reporter: maria, thanks. fed chairman ben bernanke said that the fed is examining the actions of goldman sachs and other banks surrounding two issues. first, whether the bank helped sell debt that essentially allowed greece to disguise the true amount of its debt, and second, whether it was appropriate for them to be essentially shorting that debt through the derivatives known as credit default swaps. >> we are looking into a number of questions relating to goldman sachs and other companies and in their derivative's arrangements with greece, and on this issue as well. as you know credit default swaps are properly used as hedging instruments -- >> i agree. >> we, the s.e.c., of course, has been interested in this issue. obviously, using these instruments in a way that intentionally destabilizes a
CNBC
Feb 26, 2010 4:00pm EST
. >> okay let's talk about what went on this week, glenn, as ben bernanke addressed congressional commit these week. there's been so much attention focused on the fed and how they will unwind all of the monetary support that they've put into place to support the economy. last week the fed increasing that discount rate. what are your thoughts on the move so far? how much longer can the fed keep the rates as low as they are and still manage an exit strategy. >> i think that chairman bernanke said it well when he said that the fed would need to keep rates lo, certainly for most of this year. i think the balance sheet adjustments would happen before any formal changes in the federal funds rate. the real questions on an exit strategy aren't economic and technical. they're political. because the fed would have to unwind portfolios, things like mortgage-backed securities, long-term treasuries. that requires political courage, but i have every faith in the federal reserve that it can do this. >> let me ask you in terms of the administration in terms of the stimulus. they're talking about save, c
CNBC
Feb 4, 2010 4:00pm EST
for ben bernanke and the federal reserve, that there is a very substantial penalty for early withdrawal. we're seeing china and india tighten, now europe withdrawing its liquidity facilities. the u.s. would do well to mind this lesson. if we start to syphon off some of the liquidity, there really could be hell to pay. what we're seeing, when you mention gold, the deflation trade is being put back on. the dollar is going up, gold is going down, oil is collapsing, commodities across the board have been very weak. equity markets are falling all at the same time while domestic rates drop. for anybody worried about inflation in united states, the dollar is going up, u.s. rates are going down and the u.s. on a relative basis is still the safest market in the world no matter what anybody sayless. but there is a danger if the fed doesn't heed the lessons of what's going on elsewhere in the worldtion we, too, could face some of the problems like europe, although our banks are in better shape than yours. >> which is why, rick santelli, the china trade, you want to buy anything that need, we saw t
CNBC
Feb 18, 2010 4:00pm EST
strategies tomorrow, another camp, which we think chairman bernanke is in and made clear last week in his testimony before congress, which is we'll start to sell assets and we'll start to do these other things, but after we hike. and then there's a middle camp that says we would love to get rid of some of the assets on our balance sheet but we're not going to do that until we're shoe the economy is in full swing, and we're not going to destroy things. they don't want to make a policy mistake. they still think the economy is fragile enough they don't want to push us back into a recession. >> thanks so much for stepping in and talking to us about this. we appreciate it soon. stay with us back in a moment with more. , seeing if we have enough points to stay longer. now? you don't have enough time... and you have to push all those buttons... no buttons, someone answers every time. yeah, right... bet you a massage... yeah, ok. hi, julie... i have a question about my points. hi, what button do i press for a massage? hello? new chase sapphire... you call. we answer. no waiting. just press right
CNBC
Feb 19, 2010 4:00pm EST
to think about the exit strategy. ben bernanke next week may have to tell us, again that they're going to have to pay reserves -- that they have to pay interest on bank reserves. not only are good things happening to the u.s. dollar from this hokiness from the u.s. but also as you said that next week was going to happen from greece. all of this talk about greece and no solution that means that the ecb has to stay where it is in terms of this liquidity. and then you've got the chinese, where they have to tighten interest rates and make things more tighter. that is not good for commodities and it's good for the u.s. dollar. and there was a lot of talk about the yield curves. don't only look at the long end of the curve. don't only look at the short end of the curve. look at things, like the ten minus the two. the yield spread. and once the spread begins to flatten and starts to turn down a little bit, that has always been for the dollar. >> all right, so you're going to be buying dollars even at this level, then, even though we have seen this move, a said that the commodities could be po
CNBC
Feb 1, 2010 4:00pm EST
chairman bernanke's confirmation was in doubt. all of a sudden they dialed it back. this budget is part of that dialing back. >> let's talk about that, andrew. the financial responsibility fee, better known as the bank tax, is in the budget. what kind of details are in it? because jaret says the language has been pared down quite a bit. >> people were selling into any financial strength across the board. you have volcker testifying tomorrow. although jaret brings up good points, the reality of this is that the risk is not in the budget. the risk is with the next announcement from volcker. or the treasury department and bank of america signing on to this second lien modification program which they did last week. that's where the real worry of wall street is. and you saw energy hold up today. you saw health care sell off for about an hour after the budget came out. and then it recovered to about flat as i was leaving the office. but across the board today, long and short, i mean, we were seeing sellers of financial stocks into strength. >> what about, andrew, when you look at the other ta
Search Results 0 to 7 of about 8